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How much to extend my lease help please

Hi
i need some help and advice please,
i have owned my 1 bed flat for 3 years,the lease was 99 years from 25th dec 1973 with a ground rent of £25 per annum,the property is approx £75/80 grand, i have also been told it is a rolling lease ,what does this mean?
my first question is how many years are left on the lease,my second question is does any one have any idea the kind of money i am going to have to pay to extend it ,what is a rolling lease ,and lastly would i be able to sell for maybe 65 grand without extending the lease or should i extend
freshwater prop are the leaseholders
any help much appreciated

I need some help and advice please,
i have owned my 1 bed flat for 3 years,the lease was 99 years from 25th dec 1973 with a ground rent of £25 per annum,the property is approx £75/80 grand, i have also been told it is a rolling lease ,what does this mean?

No idea- it's meaningless. So by whom 'have [you] also been told'?

Originally Posted by nina

freshwater prop are the leaseholders

No- you are the leaseholder; they are therefore probably the freehold reversioners.

But beware- they are often mentioned as being quite demanding, so be prepared for fierce negotiations. Are you using the services of a sharp Chartered Surveyor? If not, please do. You'll save money that way!

You do have a legal right to extend [s.42 of 1993 Act] by serving them with a formal Notice of Claim.

cost of lease extension

62 years is considered short, pretty much unsaleable without an extension; all told, to include your professional advisors and those of the freeholders whose you will be required to pay, dont expect much in change from £10,000!

Freshwater are Leaseholders

Freshwater or rather one of the group companies may be the head lessor.

1: Nina look at sglacy posts on leasehold valuations:
2:Read the lease and see if the person who granted you the lease has a freehold or leasehold title, or go to HMLR on line to get office copy entries for your flat.
3: I agree with Jeffrey, if you are at all unsure, bite the bullet, contact RICS.org and find a local surveyor to act on this, Freshwater are tough operators. It's worth the extra.

Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

Hi
i was told by solicitor when i purchased it was a rolling lease
i have the original lease from 1978 issued in the previous persons name should i have 1 with my name on??
it is issued from town and country propertys but i am invoiced for ground rent of £25 per year from freshwater
have no idea what im doin or what i should be doing

If we ASSUME you have a conventional lease of 99 years from 25-12-1973, and using your stated current value of £77500 and the rent £25 stays the same for the whole 99 years, and using one of the lease extension calculators AS A GUIDE the extension could be around £7000 to £8000. If as it should, the ground rent has increased and will do so again that will push the value upward.

To say with certainty someone needs to look at the lease and a title search.

If Freshwater are the freeholders then you can apply to them, or if they have a head lease ( eg You have lease of the flat, they of the whole building) you may have to apply to the freeholders.

You can write informally to express interest, as it is likely they have extended other leases in the building by now, and have some figures in mind. They may simply refuse and you will have to make a formal application.

But if you want to worry less find a solicitor and or surveyor to take the worry out of it.

Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers. More ramblings atleaseholdpropertymanager.blogspot.com

62 years is considered short, pretty much unsaleable without an extension; all told, to include your professional advisors and those of the freeholders whose you will be required to pay, dont expect much in change from £10,000!

Check Leasehold Advisory Service and look for Section 60 cases decided by LVT. You will see that a large number of these cases refer to properties where the freeholders are Freshwater Group or their subsidaries.